Post Office Savings Bank (Interest Rates) Rules

Post Office Savings Bank of Singapore Act

(CHAPTER 237, Sections 28 and 50)

Post Office Savings Bank
(Interest Rates) Rules

R 5

REVISED EDITION 1990

(25th March 1992)

[1st July 1991]

Citation

1. These Rules may be cited as the Post Office Savings Bank (Interest Rates) Rules.

Definition

2. Words used in these Rules shall, unless the contrary intention appears, have the same respective meanings as in the Post Office Savings Bank (Savings Accounts) Rules.

[R 2.]

Interest rates on deposits

3.—(1) Subject to these Rules, deposits of up to $100,000 in an account shall earn interest at the rate of 2½%

[S 489/98 wef 16/09/1998]

[S 524/98 wef 14/10/1998]

[S 292/95 wef 01/07/1995]

[S 147/96 wef 01/04/1996]

(2) Where an account has deposits exceeding $100,000, then the deposits in excess of $100,000 shall earn interest at the rate of 2¼%.

[S 489/98 wef 16/09/1998]

[S 524/98 wef 14/10/1998]

[S 208/94 wef 01/05/1994]

[S 382/94 wef 01/10/1994]

[S 451/94 wef 01/12/1994]

Aggregation of deposit balances

4.—(1) Where a depositor has more than one personal account, the deposit balances of all the accounts in his name shall be aggregated for the purpose of interest calculation.

(2) Paragraph (1) shall not apply to —

(a)	Save-As-You-Earn accounts;
(b)	deposits made by the Commissioner of Workmen’s Compensation on behalf of depositors;
(c)	deposits made by the Ministry of Finance on behalf of the members of the Municipal Provident Fund Scheme; and
(d)	deposits made by the Public Utilities Board on behalf of the members of the Public Utilities Board Provident Scheme.

(3) Where two or more depositors have only one joint account, the deposit balances shall be apportioned according to the number of depositors of the account and for the purposes of paragraph (1), each depositor shall be deemed to have an account in his own name for the sum apportioned to him as aforesaid. Where any of the depositors of a joint account has other joint accounts with the Bank, the deposit balances in all the accounts in the depositor’s name shall also be aggregated.

(4) Except for trust accounts operated by a body corporate, the Public Trustee and the committee of the estate of a person of unsound mind, deposits in a trust account shall be deemed to belong to the trustee for the purposes of paragraph (1).

(5) Where a depositor has more than one trust account, the balances in all the trust accounts shall be aggregated for the purposes of paragraph (1).

(6) Where a depositor has more than one type of account, the deposit balances in these accounts in his name shall be aggregated and interest payment made in the following order or priority:

(a)	personal account;
(b)	joint account; and
(c)	trust account.

(7) Where a depositor has more than one account in any one type of account, the deposit balances of all the accounts of that type shall be aggregated and interest payment made in priority of ascending account numbers.

Interest on closure of account

5. For the purpose of calculating the interest earned on an account upon its closure, the deposit balance in the account shall earn interest at the rates prescribed in rule 3 and, notwithstanding rule 4, shall not be aggregated with the deposit balances of any other account.

Search within Legislation